The scheme will assure the quality of valuations, raise the credibility of valuers and provide clients a clearly identifiable designation for the best regulated and qualified professionals in the field.
The RICS' scheme, conceived by the Valuation Professional Group, sets out an approach to reinforce professional standards and raise consumer confidence in the delivery of valuation advice to the highest professional standard - a key component underpinning most economic activity.
More than 800 separate written responses were received in a ten week consultation period last year and an approach was chosen which members deemed appropriate to achieve proportionate and better regulation in the market place.
The scheme will be formally launched on 20 October in the UK and will become mandatory in the UK from 30 April 2011.
This will apply to all members undertaking valuations carried out under RICS Valuation Standards (the Red Book) which provide a regulated framework and practice guidance and standards, including compliance with International Valuation Standards which are now recognised and adopted in most parts of the world. Phased launches will follow in the rest of the world.
David Rushholme, RICS director of valuation, comments:
"The new scheme will increase quality, and accuracy in the profession raising even further the credibility of valuers among clients and public authorities. This advance will ensure that RICS continues to undertake better regulation and provide increased value to valuers and their clients while acting in the public interest."
Mark Gerold, chair of the RICS Valuation Professional Group, comments:
''We have been delighted with the enthusiasm of our members for this scheme which will reinforce the pre eminence of Chartered Surveyors as the leading valuation professional wherever they practice in the world.
"The events of the last two years have clearly demonstrated the value of sound, independent and consistent advice delivered to globally accepted standards. That is just what the Chartered Surveyor does and Valuer Registration further underpins this with effective and practical self regulation.''
